WebApr 10, 2024 · If you invest in one, you are eligible for tax breaks under Section 80C of the IT Act of 1961. You can claim up to Rs 1.5 lakh. a) Returns- 2.75%-7% p.a. depending on the bank WebThe principal amount deposited in an SCSS account is eligible for tax deductions under Section 80C of the Income Tax Act, 1961, up to the limit of Rs. 1.5 Lakh. However, this exemption is applicable only under the existing tax regime.
Investmoney2India: Senior Citizen Savings Scheme (SCSS)
WebMar 31, 2024 · One can invest a maximum of Rs 15 lakh in Senior Citizens' Savings Scheme (SCSS) in their individual capacity. But one can hold a joint account with one's … WebAccording to the recent budget 2024 the maximum investment amount for senior citizen savings scheme is set at Rs. 30 Lakhs. Who should invest in an SCSS investment scheme? What are the other tax saving options available? What are the documents required to open an SCSS account? Get started with investing today shara reiner painting books
Impact of Budget 2024 on Your Wallet - taxguru.in
WebJul 15, 2024 · Investments in SCSS are eligible for deduction (upto Rs 1.50 lakh per annum) under Section 80C of the Income Tax Act, 1961. During the maturity period of 5 years, the interest earned is compounded annually and credited quarterly to your savings bank account (payable on the first working day of April, July, October and January). WebJun 8, 2024 · The interest earned in POMIS is taxable. With SCSS, you can invest Rs 15 lacs each in your and your spouse’s name i.e. Rs 30 lacs in total. In PMVVY too, you can invest Rs 15 lacs each under your and your spouse’s name. Therefore, a senior citizen couple can invest up to Rs 30 lacs in PMVVY. WebApr 1, 2024 · With the commencement of the new deposit limit, a senior citizen will now be able to deposit up to Rs 30 lakh in the SCSS account. In case a senior citizen and his/her spouse have separate... pool coats